Bitcoin (BTC) crossed $40,000 on June 14 when the consolidation period stopped and a strong breakout occurred.

1 hour light chart of BTC/USD (Bitstamp). Source: TradingView
BTC price exceeds $40,000.
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD rose 3% in less than an hour to $40,600 on Bitstamp.

The largest cryptocurrency has made a profit as a result of a new positive tweet from Elon Musk that Tesla may accept BTC in the future.

Cointelegraph previously mentioned that traders are betting on a move up to around $47,000 before the correction.

A look at the long and short positions on the major Binance stock exchanges shows support at $38,000, and resistance at $40,500 as the next hurdle for the bulls.

Binance buy and sell levels since June 14. Source: Material Indicators / Twitter.
Paul Tudor Jones Rewards 5% BTC
The value of Bitcoin has reached $2 trillion due to a “split” in Federal Reserve policy that “calls into question” reliability, said well-known trader Paul Tudor Jones.

In an interview with CNBC on June 14, the founder of Tudor Investment Corporation sounded the alarm about rising inflation.

After last week’s Consumer Price Index (CPI) report showed US inflation hitting a 13-year high, the deflationary nature of Bitcoin rarely looks very attractive.

For Jones, the idea that rising inflation is only temporary due to recent events, as suggested by the Fed and central banks in general, is a myth.

“It’s a bit unfortunate to say that inflation is temporary — for them to say inflation is temporary,” he told CNBC’s Squawk Box section.

Today’s environment is very different from those who saw episodes of inflation earlier, for example, in 2013. Thus, there is no point in using the same forecasts for the Federal Reserve, Jones said.

Jones noted that the CPI was much lower then, but the unemployment rate and job offers are roughly the same now.

Related: Paul Tudor Jones Says Bitcoin ‘Like an Early Investing in Apple or Google’

Meanwhile, gold and bitcoin have become havens for many. Although the precious metal lags far behind Bitcoin in terms of profit, it is still close to all-time highs.

“When you look at the Federal Reserve today and the Fed, you ask yourself: How can you have such very different political views about what is the right employment rate, the right inflation rate?” He completed.

“How do you feel about the eight-year timeframe? It’s almost like a common figure. And you wonder why Bitcoin has a market capitalization of $2 trillion and gold is $1,865 an ounce. The reason is that you have this split in politics, which in turn calls into question the institutional integrity of something.” .”
Finally, 5% Bitcoin is the one thing I would recommend to anyone looking for wallet advice.

I say, ‘Okay, listen. “The only thing I know for sure is that at the moment I want 5% gold, 5% bitcoin, 5% cash, and 5% in commodities.

Source: CoinTelegraph